P.M. BRIEFING : News Corp. Fears Draw Reaction
Rupert Murdoch was forced today to answer market fears about News Corp.’s debt rollover plans after the company’s share price plummeted to its lowest level in more than five years.
Brokers said the market, which sent News Corp. shares down more than 20% to a low of $4.20, was also jittery about reported allegations in a British television program about the company that was due to be screened tonight.
Murdoch issued a brief statement after the Australian Stock Exchange asked News Corp., one of the world’s largest media empires, to explain the sharp fall in its share price in the first half hour of trade.
“The company is very pleased with the progress of its negotiations for the rescheduling of the major part of the News group’s debt,” he said.
Start your day right
Sign up for Essential California for news, features and recommendations from the L.A. Times and beyond in your inbox six days a week.
You may occasionally receive promotional content from the Los Angeles Times.
